The worldwide governing body told insidethegames the decision was taken due to the "extraordinary effects" and "financial pressures" caused by the COVID-19 pandemic.

The Hall of Fame is set to continue online but the exhibit based at the Rugby Art Gallery and Museum is to permanently close.

It was hoped the Hall of Fame would boost tourism in the Warwickshire town where the sport of rugby was born.

But the Rugby Borough Council decided against renewing its four-year agreement which ended in November 2020.

"Following collaborative discussions, World Rugby and the Rugby Borough Council have agreed to discontinue the physical presence of the World Rugby Hall of Fame presented by Tudor attraction at the Rugby Art Gallery and Museum building in the town of Rugby, England," a statement from World Rugby read.

"The decision has been taken due to the extraordinary effects and financial pressures caused by the COVID-19 pandemic.

"The attraction was opened in November 2016 and saw a number of Rugby World Cup winners and global stars of the game attend the annual Hall of Fame induction ceremonies, while serving as an exciting educational resource for the local community and visitors."

Although the Hall of Fame will remain online, World Rugby confirmed it would look for "alternative physical homes" for an exhibit.

"World Rugby thanks the Rugby Borough Council and all partners for their support in delivering the project over the past five years and look forward to continuing the special relationship with the birthplace of rugby, including planning for special commemorations of the 200th anniversary of the foundation of the game in 2023," the statement added.

The Hall of Fame was opened by World Rugby chairman Sir Bill Beaumont who hoped it would "inspire the next generation of players and supporters."

The Rugby Borough Council’s cabinet agreed not to renew its deal with World Rugby in March before a final decision was made by councillors.

"The venue opened in November 2016 and the initial four-year licence agreement ended in November 2020," a spokesperson told the Rugby Advertiser.

"Rugby Borough Council had been open to negotiating a new extended licence but a final agreement could not be reached."

Council leader Seb Lowe added: "The reality is that with limited funding we cannot choose to keep the World Rugby Hall of Fame open over support for economic recovery, tackling climate change or promoting health and wellbeing.

"We have looked at every option and discussed every scenario, including other funding models and other venues.

"We will of course continue to support the special relationship that Rugby has with the game as its birthplace.

"I look forward to working with partners on plans to mark 200 years since the game of Rugby was founded here in 1823."